Study On The Securities Selection And Market Timing Ability Of Stock Dealers Integrate Finance

Since the sunlight private establishment has developed quickly, Stock dealers integrate finance was born in this background. It is the same as the securities investment, which is one type of assets management, and supplementary with each other to satisfy different need of investors. These years the analysis was central to the quality study, while there was no empirical study.Based on the characteristics and the present situation analysis, this thesis analizes the present situation of stock dealers integrate finance based on the characteristic, and compares stock dealers integrate finance with the open-end fund and private trust. Then this thesis elaborates the relation of securities selection and maket selection ability with performance and their theory significance. This thesis studies its securities selection ability and market timing ability by the empirical analysis. At last, the thesis elaborate the present problem of stock dealers integrate and give suggestion. The full text divides into four parts to elaborate the above main point. Through these analysis, the results find that most stock dealers integrate finance has significant secrities selection ablitiy, but no significant market timing ablility, and also find the product type , the cycle of product open to investors, the market time as well as the stock dealers'own fund will influence securities selection ability and market ablitiy.